First time homebuyers can't afford down payments, aren't sure it's a good time to buy

The median home in the US requires a down payment of $78,400. First-time buyers are worried they can't swing it.

of significant inventory, it's no surprise that personal finances have become a chief source of worry for first-time buyers.

"Low inventory, steep competition, and high prices in many areas across the US are fueling fears for buyers and creating an even more daunting undertaking for those entering the market for the first time," TD researchers wrote. For people like Courtney Zaelit, a first-time homebuyer from Bedford, Texas, the uptick may be just enough to keep them from competing in this year's oversaturated and overpriced market.

Frustrated with the homebuying process, Zaelit and her family have returned to renting. This is a familiar tale for many first-time buyers, especially as the demographic seems to be having the most difficulty at finding affordable options in this year's white hot housing market. "The combination of higher home prices, rising construction costs and moderately higher interest rates will exacerbate housing affordability conditions and

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BusinessInsider /  🏆 729. in US

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Colorado Weather: Warm First Day Of Spring Precedes First Alert Weather Day On MondayWe will see clouds increase throughout the day with breezy conditions this afternoon with gusts around 25 mph.
Read more »

US adult cigarette smoking rate fell during first year of pandemicU.S. cigarette smoking dropped to a new all-time low in 2020, with 1 in 8 adults saying they were current smokers.
Read more »

Snow on first day of Spring
Read more »

Creighton Upsets Iowa to Punch Ticket for Program’s First Sweet 16Creighton is headed to the Sweet 16 for the first time in program history after a thrilling upset of No. 2 Iowa
Read more »

America has a New York Times-doesn’t-get-the-First Amendment problem | Will BunchA New York Times editorial uses a deeply flawed take on free speech to overinflate cancel culture and downplay the real threats to democracy.
Read more »